A business leader presents key performance metrics and data analysis to a corporate team, discussing strategic goals and insights.
As banks increasingly adopt artificial intelligence, they must address the expanded cyber attack surface and data complexity that AI brings. Robust cybersecurity controls are needed to secure core banking systems without hampering the exceptional user experiences that AI enables. Some key cybersecurity strategies include:
Mitigating the AI Attack Surface
- Data Security: Massive AI training datasets are highly susceptible to breaches or manipulation attacks.
- Algorithm Bias: Subtle biases skewing model outputs must be identified and addressed to avoid compliance violations or ethical issues.
- Systemic Vulnerabilities: With AI integrated across banking touchpoints, a compromised algorithm or poisoned dataset introduces widespread vulnerabilities.
Core Banking Cyber Strategies
- Governance Frameworks: Mandate security reviews and approval gates for new AI applications, similar to other technology risk assessments.
- DevSecOps Integration: Bake security practices like penetration testing and infrastructure hardening natively into AI development pipelines.
- Anomaly Detection: Leverage AI itself to detect abnormal system behaviors indicating potential breaches.
- Dark Data Tracking: Closely track and minimize access to unused legacy datasets carrying privacy and compliance risks.
- Fail-safe Rollback: Develop mechanisms to automatically revert AI models to last known good states if bias or corruption is introduced.
Securing Customer Experiences:
- Multi-factor Biometrics: Replace passwords with more seamless biometric authentication.
- Contextual Privacy Controls: Empower users with choices over data sharing.
- Continuous CX Monitoring: Ensure security controls don’t introduce excessive friction for users.
To fully realize AI’s potential in banking, current cybersecurity strategies must be recalibrated to the new risks – with emphasis on robust governance, integrated security practices, anomaly detection, legacy data controls, fail-safes, and balancing immersive user experiences with vigilant security across core systems.
Found this article interesting? Check out these three related reads for more.
- Core banking cybersecurity strategies – Overview of the security challenges in core banking systems
- Core banking transformation best practices
- Strategies for core banking system optimization
#CybersecurityBanking #BankingRiskManagement
